Summary List Placement
Countingup has raised a £9.1 million ($12.7 million) Series A investment round, led by Framework Venture Partners.
The company, which provides a business account that automates your accounting, also raised from Gresham House Ventures, Sage, and existing investors.
Founded in 2017, Countingup has processed over £1.7 billion ($2.4 billion) in transactions and has more than 34,000 customers, according to CEO and cofounder Tim Fouracre.
“There was no doubt that our business was affected during March and April last year with lockdowns but since then revenues have bounced back,” Fouracre told Insider. “We’re now seeing record numbers of businesses incorporate in the UK, up 30-40% on the same period in the year before.”
The funding will be used to go towards expanding the range of financial services the company can offer with multi-currency invoicing, lending, and insurance next on the list.
The startup previously raised bridge funding from ING, Triple Point, CVentures and BiG Start Ventures.
Fouracre was formerly founder and CEO of Clearbooks, an accounting software company from 2008 onwards. Countingup has now raised $21.4 million in total. Fundraising began before Christmas 2020 and was remote, a “more efficient process” according to Fouracre.
Check out Countingup’s Series A pitch deck below: